Bullion Intraday Road Map for Feb 09, 2012

Gold: currently trading at 1732.55, trend will remain down till it is trading below 1735, between 1735-1762 our outlook will remain neutral on this counter consolidation above 1763-64 zones would confirm establishment of fresh move that will take it to 1805. Day trading range will remain between 1710-1765. Immediate support seen at 1724 failure would offer 1714-1706-1686 as targets for bearish swing. Immediate resistance placed at 1736 penetration would signal incline till 1742-1748 zones, if manage to hold 1750 then retest of 1760-62 zones can’t be ruled out.

Silver: currently trading at 33.89, outlook will remain bearish till it is trading below 34.50. day trading range will remain between 32.90-34.50. Intraday resistance zones are 34.05-34.15 if manage to hold above these levels then retest of previous high can’t be ruled out. Immediate support seen at 33.70 break will open door for 33.20-32.90 zones. Further down side will confirm below 32.90 and failure on this bullish swing will occur below 32.90

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